This assessment according to Forbes, indicates that African billionaires today are individually and collectively richer than they have ever been.
In March, it was reported that Aliko Dangote, Africa’s richest man, once again secured the top spot on Forbes’ list of African billionaires.
The report followed information disclosed in the most recent iteration of the Forbes 2025 African billionaire ranking, which profiled 22 billionaires from the continent.
It was also reported that the combined fortunes of Africa’s richest fellows rose to a total of $105 billion, up from $82.4 billion and 20 billionaires last year.
South Africa had the most billionaires this year, with seven, followed by four from Nigeria and four from Egypt. The list also contains three Moroccan millionaires, one Algerian (Isaad Rebrab), one Tanzanian (Mohammed Dewiji), and one Zimbabwean (Masiyiwa).
Nigeria’s Aliko Dangote retained his position as Africa’s richest person for the 14th consecutive year, with his net worth rising to an estimated $23.9 billion from $13.9 billion last year.
According to a recent report by Forbes, in Africa, where political unpredictability, economic crises, and difficult consumer markets are commonplace, creating this kind of wealth is no small accomplishment.
Nonetheless, MSCI reports that the growth of the richest African economies is comparable to that of the global equity markets, which increased 22% in the 12 months ending February 2025.
Similar to Dangote, Johann Rupert, South Africa’s richest man, and the second richest person on the continent, also experienced significant growth, with his wealth rising 39% to $14 billion, driven by his luxury goods empire.
Femi Otedola of Nigeria (No. 18, $1.5 billion), the head of the publicly traded power production company Geregu Power Plc, wealth increased by more than 30%, following a spike in sales and earnings, Geregu’s stock which rose by around 40% during the previous 12 months.
Other billionaires followed in this trajectory, while guys like Strive Masiyiwa, a Zimbabwean telecommunications magnate, had a net-worth decline of about 33% from the 2024 list, going down to $1.2 billion.
